Gold Price Today: The yellow metal rate on India’s MCX opened marginally higher on Wednesday, April 1, amid hopes of easing geopolitical tensions in the Middle East.
At 9 am on Wednesday, the MCX gold April futures contract rose 0.48% to Rs 1,48,396 per 10 grams, while the MCX silver May futures were down 0.85% to Rs 2,38,836 per kg.
On Tuesday, March 31, the MCX gold April futures closed 2.72% up to Rs 1,48,493 per 10 grams, while the MCX silver May futures ended 5.46% higher to Rs 2,41,456 per kg.
Globally, the bullion continued its three-day rally amid signals that the war in the Middle East may end, with US President Donald Trump saying that the Iran war will end in the next two to three weeks. Gold rose around 1.2% at $4,700 an ounce, adding to a 3.5% gain in the previous session.
Even with the rebound since the last few days, gold’s near-12% decline in March was its worst monthly performance since October 2008. With the Middle East conflict, in its fifth week, has rattled global markets and disrupted supplies of energy and other goods, and raised concern over a spike in inflation that has offset gold’s appeal as a safe-haven asset. Spot gold advanced 0.2% to $4,677.34 an ounce at 12:55 pm Singapore time, Bloomberg data showed.
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